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Insurance Licensing NJ-Life-Producer Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| State Regulations (New Jersey) | - Insurance laws and ethics
|
| Life Insurance and Annuities | - Annuity basics
|
| Life Insurance Fundamentals | - Policy provisions and clauses
|
| Underwriting and Policy Issuance | - Risk classification
|
Insurance Licensing New Jersey Life Producer Sample Questions:
An agent's underwriting duties include which of the following?
- A. Issuing the policy.
- B. Declining or accepting an application.
- C. Setting premium amounts.
- D. Completing all applications and collecting initial premiums.
Correct Answer: D 🗳️
Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).
For a New Jersey insurance producer to charge a prospective insured for analyzing insurance coverages, there must be a reasonable relationship between the fee and the
- A. Average premium of the policies analyzed.
- B. Average face amount of the policies analyzed.
- C. Nature of the services performed.
- D. Total commission earned on the coverages purchased.
Correct Answer: C 🗳️
Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).
An owner of a life insurance policy may transfer ownership temporarily with
- A. A beneficiary assignment.
- B. A transfer assignment.
- C. A collateral assignment.
- D. An absolute assignment.
Correct Answer: C 🗳️
Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).
Which of the following statements is correct about an employment agreement between two producers?
- A. It is nonbinding.
- B. It must be witnessed by two disinterested parties.
- C. A copy must be filed with each producer's attorney.
- D. It must be in writing.
Correct Answer: D 🗳️
Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).
Generally, if an application is not prepaid, the effective date of coverage begins on the date the
- A. Producer delivers the policy and collects a premium.
- B. Application is signed.
- C. Company underwriter approves the risk.
- D. Application is postmarked and mailed to the insurer.
Correct Answer: A 🗳️
Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).
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